Everett Truitt

Current

Chief Financial Officer at Worldwide Clinical Trials, Inc.

Past

Chief Financial Officer at GTESS Corporation
Chief Financial Officer at U.S. Renal Care, Inc.
Chief Financial Officer at Pathology Partners

CFO - US Operations at Dynacare Laboratories
Director of Finance at LabCorp
Senior Auditor at Ernst & Young
Senior auditor at Arthur Young & Co, Dallas, Texas

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Education

The University of Chicago - Booth School of Business
University of North Texas

Recommended

4 people have recommended Everett

Connections

93 connections

Industry

Hospital & Health Care

Websites

My Website

Everett Truitt’s Summary

CFO with expertise in turnarounds, M&A, and debt & equity offerings within high–growth, thinly–staffed healthcare environments. My track record of success encompasses partnering with senior management to turn around struggling entrepreneurial organizations while generating very large investor returns, identifying key business drivers to achieve stretch targets, and resolving complex financial issues.

With an MS in Accounting, my public accounting career began with Ernst & Young. I went on to obtain an MBA in Finance and Strategy from University of Chicago, secure my CPA license, and move through a series of senior–level finance positions with privately–held healthcare–related organizations.

As Regional Director of Finance at Labcorp, I was hired to drive revenue growth and generate cost savings, transforming the worst–rated billing department into the best–rated within one year.

The COO and CFO at Dynacare Laboratories recruited me as Director of Finance for US Operations to drive domestic business growth and allow investors to exit. My team provided financial leadership that grew the company from $125 million to $350 million, facilitating the company going public and positioning it for profitable sale.

As Senior VP and CFO of Pathology Partners, I was challenged to turn around this struggling, cash-strapped entity, raise capital to foster growth, resolve capital structure and growth-related operational and financial issues, and favorably position the organization as a highly–profitable investment. I successfully negotiated the sale that delivered 6X total investor return and 40% IRR.

One of the PPI investors brought me into US Renal Care to complete two ongoing acquisitions and related equity and debt financings, and my efforts led to the successful completion of those acquisitions.

As the Interim CFO at GTESS, I am driving decision support and cost accounting system re–engineering efforts and supporting strategic planning efforts.

Everett Truitt’s Specialties:

Buy- and Sell-Side mergers & acquisitions. Debt & equity financings. Profit & revenue improvement. Strategic alliances. Forecasting. Cost reductions/containments. Cutting edge technology. Cash management. Control systems design & improvement. Forensic accounting/reconstruction. Incentive compensation systems. Tax planning, filing & compliance.

Everett Truitt’s Experience

Chief Financial Officer

Worldwide Clinical Trials, Inc.

(Privately Held; Pharmaceuticals industry)

January 2009 — Present (7 months)
Chief Financial Officer

GTESS Corporation

(Privately Held; Information Technology and Services industry)

November 2007 — June 2008 (8 months)

Re-engineered decision support and cost accounting system to properly calculate product costs.

Developed 5-year financial model, using new product costs, to evaluate company's changing service mix, contribution margins and market penetration.

Collaborated with leadership team on acquisition diligence, modeling and integration.

Key member of leadership team which developed the 2-year strategic plan.

Key member of leadership team which developed meaningful cost reduction plans.

Buy-side M&A. Debt financing. Profit and revenue improvement. Forecasting.
Chief Financial Officer

U.S. Renal Care, Inc.

(Privately Held; 501-1000 employees; Hospital & Health Care industry)

January 2006 — March 2007 (1 year 3 months)

Brought on board to complete two ongoing acquisitions and the related debt and equity financings, to improve the accuracy, timing and interpretation of financial statements, to build a technology group, and to move the corporate headquarters.

Completed first acquisition by identifying $1.2mm in post-acquisition synergies, selecting a new lead bank and negotiating a $70mm credit facility. Eliminated millions in annual debt amortization, generated additional debt capacity, and reduced annual interest costs by $200k.

Worked closely with operations team to halt escalating labor costs post-acquisition, eliminating almost $1mm in annualized labor and other costs.

Revenue grew by more than 250% during this 15 months. Designed the company's first complete and accurate financial model to proactively identify upcoming issues and optimize covenant calculations.
Chief Financial Officer

Pathology Partners

(Hospital & Health Care industry)

September 2001 — October 2005 (4 years 2 months)

Selected by new CEO to lead turnaround. Raised six rounds of debt financing and two rounds of equity financing, identified and drove key performance indicators, rationalized current costs, and executed the new business model.

Generated more than a 6x total investor return and 40% IRR within 4 years.

Reduced costs significantly by negotiating the pathologist's contract renewal. Replaced an inefficient and costly manual tracking system with a scanning an delectronic document management system that eliminated delivery costs, significantly reducing DSO from 2+ days to instantaneous and generating a one-time cash flow pickup of $400k and creating annualized cost savings of $70k.
CFO - US Operations

Dynacare Laboratories

(Hospital & Health Care industry)

1998 — 2001 (3 years)

Recruited by COO and CFO to drive domestic business growth to allow investors to exit. Business grew from $125mm to $350mm in a little more than 3 years, which facilitated an initial public offering later and positioned the company for a profitable sale.

Managed 12 - 15 direct reports and 50+ indirect reports in providing accurate, timely and meaningfully interpreted financial statements, budgets and forecasts.

Partnered with local finance directors and billing managers to optimize revenue cycle performance and directed US operations audits.

Led the post-acquisition integration strategies following four U.S. acquisitions.
Director of Finance

LabCorp

(Public Company; Hospital & Health Care industry)

1994 — 1996 (2 years)

Hired specifically to partner with the Regional Director to drive revenue growth and generate cost savings. Led a 4-person team and 80 indirect reports in creating timely, accurate financial statements, budgets and forecasts for the Dallas region. Managed the billing/reimbursement and purchasing functions.

Transformed te worst-rated billing department in the company (according to KPMG) and turned it into the best-rated within the first year, reducing and sustaining annual A/R write-offs by $4.5 million.

Mentored and coached the Billing Manager who won the President's Award, the company's most prestigious performance award, for the successful billing department turnaround that pioneered electronic filings yielding a $300k cost savings.
Senior Auditor

Ernst & Young

(Hospital & Health Care industry)

1985 — 1989 (4 years)
Senior auditor

Arthur Young & Co, Dallas, Texas

(Hospital & Health Care industry)

1985 — 1989 (4 years)

Everett Truitt’s Education

The University of Chicago - Booth School of Business

MBA , Finance & Strategy , 1996 — 1998
University of North Texas

MS & BS , Accounting , 1980 — 1985

Activities and Societies:

Scholarship football player
Lambda Chi Alpha fraternity
Beta Alpha Psi (accounting) fraternity